Mid-East stocks: Qatar keeps recovering

Qatar’s stock market continued to recover on Tuesday from last week’s big losses, while Saudi Arabia’s main index was dragged down by the banking and insurance sectors. The Qatari index rose for a third straight day in a technical rebound after hitting five-year lows last week. It was up 0.5 percent on Tuesday after gaining 0.9 percent on Monday.

Saudi Arabia’s index fell 1.0 percent as most banking and insurance stocks were down. Bank Aljazira plunged its 10 percent daily limit after announcing that it would resubmit a request to the regulator for approval of a 3 billion riyal ($800 million) rights issue; it appointed Alinma Investment and JP Morgan Saudi Arabia as financial advisers. A rights issue would dilute existing shares.

Foreign investors from outside the Gulf were net buyers by a considerable margin and accounted for nearly 40 percent of buying, bourse data showed. Gulf investors were still almost absent, still deterred by the diplomatic crisis between Qatar and its neighbours that erupted in June.

Source Credit: Reuters
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